ASIA: Japan nose-dived today, and Asia was down hard. Mainland China, however, closed in the green. The Japanese yen has surged to a eight-year high vs. the euro and the yen has broken below 85 to the U.S. dollar, in a dramatic move. See more in the focus charts below.
China seems to have been supported by gains in its property stocks, with both Vanke and Poly Real Estate seeing strong gains as Sina.com reported that Shenzhen transaction volume has rebounded.
EUROPE: UPDATE: Opened down, then the selling intensified with France leading weakness. Investors continue to question the validity of Europe’s bank stress tests since some major European banks reportedly won’t provide sovereign debt exposure data going forward. Greek banks are being urged to merge due to weak profits. Greek 10-year government bond yields continue to blow out. The building material giant CRH reported earnings, but forecast a drop in earnings, nose-diving its shares.
Moody’s has warned that austerity could actaually cause credit ratings downgrades for troubled European natios.
MACRO: The Baltic Dry Index continues to surge. Oil is easing back. Note however that China’s first half oil imports are up by 30%.
U.S. FUTURES: Are falling. Watch for existing home sales data at 10:00 AM ET.
EARNINGS: Barnes & Noble (BKS), Burger King (BKC), Medtronic (MDT)
EUROPE: Building material giant CRH plummeting after reporting earnings, watch the U.S. ADRs today (CRH)
EUROPE: Miner RIo Tinto slumping as speculation mounts that they could bid for Potash vs. BHP. Watch their ADRs, RTP, today
EUROPE: Ireland's 10-year yield is easing, but remains at much higher levels than just a few weeks back
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